Investment Firm Woes
Cedar Funding Seeks Bankruptcy Protection.
Wednesday, May 28, 2008
Cedar Funding Inc. has filed for Chapter 11 bankruptcy protection, which could prevent a receiver from taking over the troubled Monterey investment firm. The filing, which was made Monday in the Northern California District of U.S. Bankruptcy Court, lists more than 200 pages of investors with liabilities valued at more than $100 million. While most creditors are local or in California, some investors reside outside the state, including in Oregon and Florida. On May 22, Monterey County Superior Court Judge Marla Anderson appointed receiver Gregory Sterling to manage the company in response to a civil suit. Sterling could not be reached for comment Wednesday, but his office’s answering machine said that because of the bankruptcy filing, “We no longer have any authority to take any actions regarding Cedar Funding or their assets and we are effectively off the case.”